End of Capitalism?

On June 19 2007, I concluded an article on the “new capitalism” with the observation that it remained “untested”. The test has come: it failed. The era of financial liberalisation has ended. Yet, unlike in the 1930s, no credible alternative to the market economy exists and the habits of international co-operation are deep.

via FT.com / Columnists / Martin Wolf – Seeds of its own destruction.

There are a lot of articles of this ilk floating around. Capitalism has failed. De-regulation has failed. The market economy has failed. Such articles avoid the fact that regulation has increased massively during the Bush administration and that we are farther from a pure capitalist model than at any time in living memory. An alternative view of what really happened (which fits better with the facts) is worth reading.

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